8-K 1 abf04op3_dec.txt DECEMBER 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 27, 2004 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004 OPT-3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108551-06 54-2151898 Pooling and Servicing Agreement) (Commission 54-2151899 (State or other File Number) 54-6612481 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2004 OPT-3 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004 OPT-3 Trust, relating to the December 27, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004 OPT-3 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004 OPT-3 Trust, relating to the December 27, 2004 distribution. EX-99.1

Asset Backed Funding Corporation ~~Mortgage~~Asset ~~Pass-Through~~Backed Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~ABFC~~Asset Backed Funding Corporation Asset Backed Certificates Series: 2004 OPT-~~OP3~~3 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A1 04542BGR7 SEN 2.~~18250~~43000% ~~313~~288,~~320~~458,~~934~~788.3182 ~~607~~603,~~842~~600.6102 2422,~~862~~654,~~145~~264.4992 A2 04542BGS5 SEN 2.~~02250~~27000% 5547,~~993~~928,~~955~~845.8623 ~~100~~93,~~664~~687.6958 811,~~065~~212,~~110~~233.6304 A3 04542BGT3 SEN 2.~~12250~~37000% 32,285,000.00 6065,~~911~~888.0330 0.00 A4 04542BGU0 SEN 2.~~32250~~57000% 33,819,000.00 6974,~~817~~843.4533 0.00 M1 04542BGV8 SUB 2.~~43250~~68000% 34,333,000.00 7479,~~235~~232.5893 0.00 M2 04542BGW6 SUB 3.~~05250~~30000% 26,632,000.00 7275,~~261~~679.4927 0.00 M3 04542BGX4 SUB 3.~~23250~~48000% 8,663,000.00 2425,~~891~~960.6912 0.00 M4 04542BGY2 SUB 3.~~58250~~83000% 7,380,000.00 2324,~~501~~339.2065 0.00 M5 04542BGZ9 SUB 3.~~73250~~98000% 6,417,000.00 21,~~290~~992.1849 0.00 M6 04542BHA3 SUB 45.~~98250~~23000% 6,417,000.00 28,~~420~~899.1867 0.00 CE BFCAS04OP3C SEN 0.00000% 3,210,690.67 1,~~777~~582,~~754~~398.9604 0.00 P BFCAS04OP3P SEN 0.00000% 0.00 ~~384~~436,~~527~~443.7043 0.00 R BFCAS04OP3R SEN 0.00000% 0.00 0.00 0.00 Totals ~~528~~495,~~471~~544,~~580~~324.8472 3,~~246~~112,~~118~~964.7683 3233,~~927~~866,~~256~~497.1296

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~288~~265,~~458~~804,~~788~~523.8290 2523,~~469~~257,~~988~~864.1094 0.00 A2 0.00 4736,~~928~~716,~~845~~612.2319 811,~~165~~305,~~775~~920.3262 0.00 A3 0.00 32,285,000.00 6065,~~911~~888.0330 0.00 A4 0.00 33,819,000.00 6974,~~817~~843.4533 0.00 M1 0.00 34,333,000.00 7479,~~235~~232.5893 0.00 M2 0.00 26,632,000.00 7275,~~261~~679.4927 0.00 M3 0.00 8,663,000.00 2425,~~891~~960.6912 0.00 M4 0.00 7,380,000.00 2324,~~501~~339.2065 0.00 M5 0.00 6,417,000.00 21,~~290~~992.1849 0.00 M6 0.00 6,417,000.00 28,~~420~~899.1867 0.00 CE 0.00 3,210,690.67 1,~~777~~582,~~754~~398.9604 0.00 P 0.00 0.00 ~~384~~436,~~527~~443.7043 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~495~~461,~~544~~677,~~324~~826.7276 36,~~173~~979,~~374~~462.8879 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1 395,510,000.00 ~~313~~288,~~320~~458,~~934~~788.3182 0.00 2422,~~862~~654,~~145~~264.4992 0.00 0.00 A2 87,071,000.00 5547,~~993~~928,~~955~~845.8623 0.00 811,~~065~~212,~~110~~233.6304 0.00 0.00 A3 32,285,000.00 32,285,000.00 0.00 0.00 0.00 0.00 A4 33,819,000.00 33,819,000.00 0.00 0.00 0.00 0.00 M1 34,333,000.00 34,333,000.00 0.00 0.00 0.00 0.00 M2 26,632,000.00 26,632,000.00 0.00 0.00 0.00 0.00 M3 8,663,000.00 8,663,000.00 0.00 0.00 0.00 0.00 M4 7,380,000.00 7,380,000.00 0.00 0.00 0.00 0.00 M5 6,417,000.00 6,417,000.00 0.00 0.00 0.00 0.00 M6 6,417,000.00 6,417,000.00 0.00 0.00 0.00 0.00 CE 3,210,689.65 3,210,690.67 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 641,737,689.65 ~~528~~495,~~471~~544,~~580~~324.8472 0.00 3233,~~927~~866,~~256~~497.1296 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1 2422,~~862~~654,~~145~~264.4992 ~~288~~265,~~458~~804,~~788~~523.8290 0.~~72933374~~67205513 2422,~~862~~654,~~145~~264.4992 A2 811,~~065~~212,~~110~~233.6304 4736,~~928~~716,~~845~~612.2319 0.~~55045704~~42168589 811,~~065~~212,~~110~~233.6304 A3 0.00 32,285,000.00 1.00000000 0.00 A4 0.00 33,819,000.00 1.00000000 0.00 M1 0.00 34,333,000.00 1.00000000 0.00 M2 0.00 26,632,000.00 1.00000000 0.00 M3 0.00 8,663,000.00 1.00000000 0.00 M4 0.00 7,380,000.00 1.00000000 0.00 M5 0.00 6,417,000.00 1.00000000 0.00 M6 0.00 6,417,000.00 1.00000000 0.00 CE 0.00 3,210,690.67 1.00000032 0.00 P 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 3233,~~927~~866,~~256~~497.1296 ~~495~~461,~~544~~677,~~324~~826.7276 0.~~77219140~~71941828 3233,~~927~~866,~~256~~497.1296

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 395,510,000.00 ~~792~~729.~~19472152~~33374332 0.00000000 6257.~~86097821~~27861475 0.00000000 A2 87,071,000.00 ~~643~~550.~~08387247~~45704345 0.00000000 92128.~~62682902~~77115274 0.00000000 A3 32,285,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A4 33,819,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 34,333,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 26,632,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 8,663,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 7,380,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 6,417,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 6,417,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 3,210,689.65 1000.00031769 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 6257.~~86097821~~27861475 ~~729~~672.~~33374332~~05512857 0.~~72933374~~67205513 6257.~~86097821~~27861475 A2 0.00000000 92128.~~62682902~~77115274 ~~550~~421.~~45704345~~68589071 0.~~55045704~~42168589 92128.~~62682902~~77115274 A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.00031769 1.00000032 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 395,510,000.00 2.~~18250~~43000% ~~313~~288,~~320~~458,~~934~~788.3182 ~~607~~603,~~842~~600.6102 0.00 0.00 A2 87,071,000.00 2.~~02250~~27000% 5547,~~993~~928,~~955~~845.8623 ~~100~~93,~~664~~687.6958 0.00 0.00 A3 32,285,000.00 2.~~12250~~37000% 32,285,000.00 6065,~~911~~888.0330 0.00 0.00 A4 33,819,000.00 2.~~32250~~57000% 33,819,000.00 6974,~~817~~843.4533 0.00 0.00 M1 34,333,000.00 2.~~43250~~68000% 34,333,000.00 7479,~~235~~232.5893 0.00 0.00 M2 26,632,000.00 3.~~05250~~30000% 26,632,000.00 7275,~~261~~679.4927 0.00 0.00 M3 8,663,000.00 3.~~23250~~48000% 8,663,000.00 2425,~~891~~960.6912 0.00 0.00 M4 7,380,000.00 3.~~58250~~83000% 7,380,000.00 2324,~~501~~339.2065 0.00 0.00 M5 6,417,000.00 3.~~73250~~98000% 6,417,000.00 21,~~290~~992.1849 0.00 0.00 M6 6,417,000.00 45.~~98250~~23000% 6,417,000.00 28,~~420~~899.1867 0.00 0.00 CE 3,210,689.65 0.00000% 3,210,690.67 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 641,737,689.65 1,~~083~~094,~~836~~123.1036 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A1 0.00 0.00 ~~607~~603,~~842~~600.6102 0.00 ~~288~~265,~~458~~804,~~788~~523.8290 A2 0.00 0.00 ~~100~~93,~~664~~687.6958 0.00 4736,~~928~~716,~~845~~612.2319 A3 0.00 0.00 6065,~~911~~888.0330 0.00 32,285,000.00 A4 0.00 0.00 6974,~~817~~843.4533 0.00 33,819,000.00 M1 0.00 0.00 7479,~~235~~232.5893 0.00 34,333,000.00 M2 0.00 0.00 7275,~~261~~679.4927 0.00 26,632,000.00 M3 0.00 0.00 2425,~~891~~960.6912 0.00 8,663,000.00 M4 0.00 0.00 2324,~~501~~339.2065 0.00 7,380,000.00 M5 0.00 0.00 21,~~290~~992.1849 0.00 6,417,000.00 M6 0.00 0.00 28,~~420~~899.1867 0.00 6,417,000.00 CE 0.00 0.00 1,~~777~~582,~~754~~398.9604 0.00 3,210,690.67 P 0.00 0.00 ~~384~~436,~~527~~443.7043 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,~~246~~112,~~118~~964.7683 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A1 395,510,000.00 2.~~18250~~43000% ~~792~~729.~~19472152~~33374332 1.~~53685775~~52613087 0.00000000 0.00000000 A2 87,071,000.00 2.~~02250~~27000% ~~643~~550.~~08387247~~45704345 1.~~15612190~~07599063 0.00000000 0.00000000 A3 32,285,000.00 2.~~12250~~37000% 1000.00000000 12.~~88666656~~04083320 0.00000000 0.00000000 A4 33,819,000.00 2.~~32250~~57000% 1000.00000000 2.~~06444454~~21305568 0.00000000 0.00000000 M1 34,333,000.00 2.~~43250~~68000% 1000.00000000 2.~~16222235~~30777765 0.00000000 0.00000000 M2 26,632,000.00 3.~~05250~~30000% 1000.00000000 2.~~71333321~~84166679 0.00000000 0.00000000 M3 8,663,000.00 3.~~23250~~48000% 1000.00000000 2.~~87333372~~99666628 0.00000000 0.00000000 M4 7,380,000.00 3.~~58250~~83000% 1000.00000000 3.~~18444444~~29805556 0.00000000 0.00000000 M5 6,417,000.00 3.~~73250~~98000% 1000.00000000 3.~~31777778~~42722300 0.00000000 0.00000000 M6 6,417,000.00 45.~~98250~~23000% 1000.00000000 4.~~42888889~~50361072 0.00000000 0.00000000 CE 3,210,689.65 0.00000% 1000.00031769 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 1.~~53685775~~52613087 0.00000000 ~~729~~672.~~33374332~~05512857 A2 0.00000000 0.00000000 1.~~15612190~~07599063 0.00000000 ~~550~~421.~~45704345~~68589071 A3 0.00000000 0.00000000 12.~~88666656~~04083320 0.00000000 1000.00000000 A4 0.00000000 0.00000000 2.~~06444454~~21305568 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~16222235~~30777765 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~71333321~~84166679 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~87333372~~99666628 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.~~18444444~~29805556 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~31777778~~42722300 0.00000000 1000.00000000 M6 0.00000000 0.00000000 4.~~42888889~~50361072 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~553~~492.~~69878556~~85300434 0.00000000 1000.00031769 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 36,~~195~~926,~~281~~561.0222 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~384~~436,~~527~~443.7043 Total Deposits 3637,~~579~~363,~~808~~004.7265 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~406~~383,~~433~~541.8486 Payment of Interest and Principal 36,~~173~~979,~~374~~462.8879 Total Withdrawals (Pool Distribution Amount) 3637,~~579~~363,~~808~~004.7265 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~132~~123,~~117~~886.9008 Credit Risk Manager Fee 7,~~706~~226.8869 PMI Premium ~~263~~249,~~085~~125.9146 Trustee Fee 3,~~523~~303.1563 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~406~~383,~~433~~541.8486

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 65 0 0 65 ~~781~~697,~~445~~495.2015 0.00 0.00 ~~781~~697,~~445~~495.2015 30 Days 4851 10 0 0 4951 68,~~881~~060,~~079~~157.7198 ~~121,370~~0.6300 0.00 0.00 78,~~002~~060,~~450~~157.3498 60 Days 14 12 34 0 1820 2,~~064~~722,~~646~~016.3321 ~~111~~232,~~496~~802.5308 ~~448~~401,~~499~~093.8919 0.00 23,~~624~~355,~~642~~911.7548 90 Days 817 6 25 0 3948 12,~~823~~218,~~096~~123.5702 ~~633~~551,~~386~~904.7849 23,~~875~~112,~~328~~582.7433 0.00 5,~~331~~882,~~812~~609.0984 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 7082 1413 2829 0 ~~112~~124 1013,~~768~~000,~~822~~297.6121 1,~~647~~482,~~699~~201.1472 3,~~323~~513,~~828~~675.6352 0.00 1517,~~740~~996,~~350~~174.3845 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~186104~~164150% 0.000000% 0.000000% 0.~~186104~~164150% 0.~~157634~~151018% 0.000000% 0.000000% 0.~~157634~~151018% 30 Days 1.~~488834~~674327% 0.~~031017~~000000% 0.000000% 0.000000% 1.~~519851~~674327% 1.~~388055~~745148% 0.~~024483~~000000% 0.000000% 0.000000% 1.~~412538~~745148% 60 Days 0.~~434243~~459619% 0.~~031017~~065660% 0.~~093052~~131320% 0.000000% 0.~~558313~~656599% 0.~~416482~~589358% 0.~~022491~~050405% 0.~~090472~~086843% 0.000000% 0.~~529444~~726606% 90 Days 0.~~248139~~558109% 0.~~186104~~196980% 0.~~775434~~820749% 0.000000% 1.~~209677~~575837% 0.~~367756~~480258% 0.~~127767~~119496% 0.~~580013~~673922% 0.000000% 1.~~075536~~273675% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.~~171216~~692055% 0.~~434243~~426789% 0.~~868486~~952068% 0.000000% 34.~~473945~~070913% 2.~~172293~~814764% 0.~~332375~~320919% 0.~~670485~~760765% 0.000000% 3.~~175153~~896448%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 8093,~~417~~439.5360

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~420702~~410186% Weighted Average Net Coupon 7.~~120702~~110186% Weighted Average Pass-Through Rate 6.~~497813~~481410% Weighted Average Maturity (Stepdown Calculation ) ~~342~~341 Beginning Scheduled Collateral Loan Count 3,~~414~~224 Number Of Loans Paid In Full ~~190~~178 Ending Scheduled Collateral Loan Count 3,~~224~~046 Beginning Scheduled Collateral Balance ~~528~~495,~~471~~544,~~580~~324.8472 Ending Scheduled Collateral Balance ~~495~~461,~~544~~677,~~324~~826.7276 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~495~~461,~~735~~860,~~220~~964.6865 Monthly P &I Constant 3,~~726~~491,~~934~~815.5261 Special Servicing Fee 0.00 Prepayment Penalties ~~384~~436,~~527~~443.7043 Realized Loss Amount 0.00 Cumulative Realized Loss 343.95 Scheduled Principal ~~458~~431,~~909~~752.1439 Unscheduled Principal 3233,~~468~~434,~~346~~745.9857 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,210,690.67 Overcollateralized Amount 3,210,690.67 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~777~~582,~~754~~398.9604

Miscellaneous Reporting Group 1 Available Funds 2624,~~923~~575,~~969~~592.7078 Group 2 Available Funds 811,~~864~~967,~~877~~426.4858

Group Level Collateral Statement Group 1 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~434813~~419825 7.~~384454~~385710 7.~~420702~~410186 Weighted Average Net Rate 7.~~134813~~119826 7.~~084454~~085710 7.~~120702~~110186 Weighted Average Maturity 340 341 ~~342~~341 ~~342~~ Beginning Loan Count 2,~~598~~447 ~~816~~777 3,~~414~~224 Loans Paid In Full ~~151~~129 3949 ~~190~~178 Ending Loan Count 2,~~447~~318 ~~777~~728 3,~~224~~046 Beginning Scheduled Balance ~~380~~355,~~396~~534,~~911~~766.8536 ~~148~~140,~~074~~009,~~668~~558.9936 ~~528~~495,~~471~~544,~~580~~324.8472 Ending scheduled Balance ~~355~~332,~~534~~880,~~766~~501.3644 ~~140~~128,~~009~~797,~~558~~325.3632 ~~495~~461,~~544~~677,~~324~~826.7276 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 2,~~687~~510,~~006~~995.4101 1980,~~039,928~~820.1160 3,~~726~~491,~~934~~815.5261 Scheduled Principal ~~330~~312,~~189~~656.8674 ~~128~~119,~~719~~095.2865 ~~458~~431,~~909~~752.1439 Unscheduled Principal 2422,~~531~~341,~~955~~608.6318 711,~~936~~093,~~391~~137.3539 3233,~~468~~434,~~346~~745.9857 Scheduled Interest 2,~~356~~198,~~816~~338.5527 ~~911~~861,~~208~~724.8395 3,~~268~~060,~~025~~063.3822 Servicing Fees 9588,~~099~~883.2369 3735,~~018~~002.6739 ~~132~~123,~~117~~886.9008 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 2,~~535~~370.9823 ~~987~~933.1740 3,~~523~~303.1563 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 5,~~547~~184.4688 2,~~159~~041.4281 7,~~706~~226.8869 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 ~~191~~180,~~809~~571.2763 7168,~~276~~553.6483 ~~263~~249,~~085~~125.9146 Net Interest 21,~~061~~921,~~824~~327.6184 ~~799~~755,~~766~~193.9352 2,~~861~~676,~~591~~521.5436 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 343.95 343.95 Percentage of Cumulative Losses 0.0000 0.0002 0.0001 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~504231~~484861 6.~~481327~~472646 6.~~497813~~481410

Filing Compare · Asset Backed Funding Corp. ABFC Asset Backed Certificates Series 2004-OPT3